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As you can see gold is moving in an ascending channel from 22 nov. the correlation between gold and dxy is back. I expect the price to drop to tp1:1890, tp2:1870 and then around $1800.
There was also a bearish divergence on the h4 interval, we are heavily overbought on the daily, the same situation on the weekly. There was also an ascending wedge pattern with the target of 1890 so I am giving it a shot.
Good luck, trade safe
As you can see gold is moving in an ascending channel from 22 nov. the correlation between gold and dxy is back. I expect the price to drop to tp1:1890, tp2:1870 and then around $1800.
There was also a bearish divergence on the h4 interval, we are heavily overbought on the daily, the same situation on the weekly. There was also an ascending wedge pattern with the target of 1890 so I am giving it a shot.
Good luck, trade safe
Comment:
Triggered
Comment:
DXY chart, my view
Trade closed: target reached:
My DXY chart update
Congratulation for all who fallowed.
Take care!
Take care!
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Looks like channel did great job.
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Weekly update, I don't know the direction of xau, probably need some clearance with dxy and bonds. For now no position.
Take care.
Take care.
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Comment:
We are approaching resistance zone, I recommend no position over weekend, we can go both way. Trade safe
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quite long accumulation. are we going to break out. weekly point of view
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Chanel works great I bet on one more downward trendline touch. Take care.